Ownership and Governing Body

JoPACC is a private shareholding company owned by the Central Bank of Jordan, with a share of 45%, and all commercial banks in the country, currently 22 banks, holding different numbers of shares based on their contribution to JoPACC’s capital. 

JoPACC's Articles of Association set out JoPACC's shareholders and corporate governance arrangements. As such, JoPACC's Articles of Association stipulate that JoPACC's Board of Directors (BoD) comprises even members with a minimum of three independent members (Independent members are representatives of shareholders with a share of less than 5%).

Two dependent members are appointed by the Central Bank of Jordan (CBJ) as long as the CBJ remains a shareholder. The other independent members are elected by the General Assembly every three years. Each member receives one vote, irrespective of the shares owned by their institution. The Chairperson of the BoD must be one of the members representing the CBJ, and the BoD elects a Vice-Chairperson.

JoPACC's Articles of Association introduce the BoD's authorities in directing the company and representing it and conducting any business to ensure the continuity of its operations and the achievement of its objectives. The BoD must regularly present JoPACC's externally audited financial statements periodically to the General Assembly.